Westmill Solar Co-operative

File:Westmill Solar 2.jpg

Westmill Solar Co-operative is the industrial and provident society that owns the Westmill Solar Park in Oxfordshire, England, believed to be the largest community-owned photovoltaic power station in the world.

Project

The project was originally conceived by Adam Twine, the pioneer behind the neighbouring Westmill Wind Farm Co-operative, built in 2011 and registered for the UK feed-in tariffs. It has a capacity of 5 MW_P.

Westmill Solar Co-operative acquired the solar park in October 2012, under an option agreement with the original developers. It raised the necessary finance through public and private share offers and a senior debt bond with a pension fund.

Westmill Solar Park

Westmill solar park is in the United Kingdom located on a site of 30 acres near to Watchfield, on the Wiltshire/Oxfordshire border, just off the A420. The site adjoins that of the Westmill Wind Farm Co-operative.

The solar power plant has over 21,000 solar panels{{cite web|title=The Solar Park|url=http://www.westmillsolar.coop/projects.asp|publisher=Westmill Solar Co-operative|accessdate=28 February 2013|archive-url=https://web.archive.org/web/20131111115709/http://www.westmillsolar.coop/projects.asp|archive-date=11 November 2013}} and has been operational since July 2011.

When acquired by the Co-operative, it was the largest community-owned photovoltaic power station in the world.{{cite news|last=Bredenberg|first=Al|title=British Cooperative Launches World's Largest Community-Owned Solar Park|url=http://inhabitat.com/british-cooperative-launches-worlds-largest-community-owned-solar-park/|accessdate=28 February 2013|newspaper=Inhabitat|date=5 November 2011|archive-url=https://web.archive.org/web/20121108012508/http://inhabitat.com/british-cooperative-launches-worlds-largest-community-owned-solar-park/|archive-date=8 November 2012}}

Co-operative membership and equity

File:Westmill Solar Cooperative 1.jpg

The Co-operative invited members through a public share offer, launched in June 2012. Despite the tight timetable caused by the expiry date on the option,{{cite news|last=Goodall|first=Chris|title=Bid to create world's largest community solar farm reaches funding milestone|url=https://www.theguardian.com/environment/2012/jul/27/world-largest-community-owned-solar-farm|accessdate=28 February 2013|newspaper=The Guardian|date=27 July 2012}} the issue was 50% over-subscribed,{{cite news|title=Investors rush to get shares in community solar farm business|url=http://www.oxfordtimes.co.uk/business/9878553.Investors_rush_to_get_shares_in_community_solar_farm_business/|accessdate=28 February 2013|newspaper=Oxford Times|date=17 August 2012}} when it closed at the end of July. This raised £4m from c. 1,650 members.{{cite web|title=Members|url=http://www.westmillsolar.coop/members.asp|publisher=Westmill Solar Co-operative|accessdate=28 February 2013|archive-url=https://web.archive.org/web/20131210145550/http://www.westmillsolar.coop/members.asp|archive-date=10 December 2013}}

An additional c. £2m was raised by a private placement of B-Shares, mainly from members who had subscribed to the original issue.

Other financing

The Co-operative raised the balance of funding required in the form of a 23½-year senior debt bond. This was arranged with the Lancashire County Council Pension Fund,{{cite news|last=Browne|first=Dominic|title=Lancashire invests pension fund into solar cooperative|url=http://www.localgov.co.uk/index.cfm?method=news.detail&id=108744|accessdate=28 February 2013|newspaper=LocalGov|date=7 February 2013|archive-url=https://web.archive.org/web/20160307085513/http://www.localgov.co.uk/Lancashire-invests-pension-fund-into-solar-cooperative/27237|archive-date=7 March 2016}} in what was believed to be the first major funding by a local authority in community-owned energy infrastructure.{{cite news|last=Blackburne|first=Alex|title=Westmill solar co-op gets £12m backing from Lancashire council pension fund|url=http://blueandgreentomorrow.com/2013/02/08/westmill-solar-lancashire-pension-fund/|accessdate=28 February 2013|newspaper=Blue & Green Tomorrow|date=8 February 2013}}